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Phuc Long Coffee & Tea Reports 13% Revenue Boost in Q3 2024

by Jessica

Masan Group, a leading Vietnamese retail conglomerate, has announced significant advancements in its Phuc Long Coffee & Tea division, highlighted by the opening of 21 new standalone stores and the closure of 10 underperforming kiosks within its WinMart supermarket network during the third quarter of 2024. This strategic shift has been credited with driving robust sales and profit growth for the company.

In its financial report for the quarter ending September 30, 2024, Masan Group revealed that Phuc Long Coffee & Tea achieved net revenues of VND 425 billion ($16.7 million), marking a 13% increase compared to the same period last year and a 9% rise from the previous quarter.

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The coffee chain’s gross profit also saw an impressive year-on-year growth of 10%, reaching VND 270 billion ($10.6 million). This growth was supported by a focus on standalone outlets, as Masan Group continues to prioritize more profitable locations over its kiosk business.

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Masan Group reported that like-for-like daily sales at Phuc Long Coffee & Tea stores, excluding those within the WinMart network, experienced steady quarter-on-quarter growth of 2%.

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According to World Coffee Portal’s Project Café East Asia 2024 research, the Vietnamese branded coffee shop market surpassed 5,750 outlets last year, with over 500 net new stores added by various operators.

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Currently, Phuc Long Coffee & Tea ranks as the fifth largest branded coffee chain in Vietnam, trailing behind well-established competitors such as Milano Coffee, Highlands Coffee (owned by Jollibee Food Corp), Trung Nguyên E-Coffee, and Viva Star Coffee, which boasts around 2,000 outlets nationwide.

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